From DSNews:
First-time Foreclosure Starts Hit All-time Low
Both mortgage originations and foreclosures are in freefall, according to the recent Mortgage Monitor report released by Black Knight Financial Services on Monday. Overall originations dropped 34 percent over the first quarter of the year, while foreclosure starts hit a 12-year low of just 52,800.
Though purchase loans and refinances took a hit during Q1, refis saw the steepest drop, falling 45 percent since the end of 2016 and 20 percent over the last year. According to Ben Graboske, EVP of Data & Analytics at Black Knight, this drop in refinances was no surprise.
“As expected, the decline was most pronounced in the refinance market, which saw a 45 percent decline from Q4 2016 and were down 20 percent from last year,” Graboske said. “They also made up a smaller share of overall originations than in the past; just 45 percent of total Q1 originations were refinances vs. 54 percent in Q4 2016.”
Purchase originations were down 21 percent over the quarter, though up slightly over the year, at 3 percent higher than 2016’s numbers.
“Purchase lending was up year-over-year, but the 3 percent annual growth is a marked decline from Q4 2016’s 12 percent and marks the slowest growth rate Black Knight has observed in more than three years—going back to Q4 2013,” Graboske said. “At that point in time, interest rates had risen abruptly— very similarly to what we saw at the end of 2016—and originations slowed considerably. The same dynamic is at work here.”
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As for foreclosures, April marked the lowest month on record for first-time foreclosure starts, with just 24,200 for the month. Repeat foreclosures also dropped, hitting their lowest point since April 2008. The total delinquency rate for the month was 4.08 percent, with foreclosure pre-sale inventory dropping 3.47 percent.
Good Morning New Jersey
Good morning!
Don’t forget to vote tomorrow!
Hope all the snowflake conservatards got plenty of rest this weekend after all your poutrage about a D-list “celebrity” mocking President Loser. You must be exhausted from all the hypocrisy, and death threats. This is just more proof that the right is the true PC police. No different than the Taliban really, bow down to us or we’ll kill you. Because of course, the things you say and believe re: society, economics, culture, capitalism etc. are indefensible.
“The current U.S. economic expansion is one of the longest on record. The longer it lasts, the more likely growth will become tepid and uneven, raising angst about its sustainability. See the May employment report, with its disappointing 138,000 gain in payrolls, downward revisions to previous months, and soft wage growth. Yet, at the same time, the unemployment rate fell to the lowest level since 2001. Anxiety is elevated with speculation that the Trump administration’s pro-growth, fiscal stimulus plans are on the ropes.
Don’t be nervous. It might be a bit early to make this call, but I will make it anyway: I have trouble putting anything more than trivial odds on a recession in 2018, or even 2019. At this point, the best bet is that this expansion, which started in 2009, at least ties — if not beats — the current record of 10 years.
One important point to remember when evaluating recession calls is that the economy is far more resilient to negative shocks than bears like to believe. Consider that the economy survived the 1987 Stock Market Crash, the 1997 Asian Financial Crisis, the European Financial Crisis of 2011/2012, and — possibly most important because of its domestic origin –- the 2015 Shale Oil Bust, without teetering into recession.”
https://www.bloomberg.com/view/articles/2017-06-05/anxious-about-the-economy-it-ll-still-set-a-record
I suspect many people on the board won’t…as you are required to register as a Democrat or Republican.
Lurks McGee says:
June 5, 2017 at 7:45 am
Good morning!
Don’t forget to vote tomorrow!
Sad.
8:16a
So funny when the Libs come on here hollering about their obvious butthurt.
Was down the shore for the weekend so haven’t followed the silliness closely. Does someone have some good gifs? So many uses….”[sniff, sniff] He broke me. [sob] He broke me. [sniff].”
Nice try on the Right being the PC police. Not. Griffin was both an idiot and not funny.
He broke me, he broke me, lolololol.
Selling home-made baked goods is now legal in 49 states thanks to a Wisconsin trial court’s ruling that the state’s ban on such sales is unconstitutional. Under the ban, home bakers were required to spend tens of thousands of dollars to rent or build a commercial-grade kitchen before selling cookies, cakes, muffins, and other treats — despite no report of anyone ever getting sick in the 48 states with no such requirement. Indeed, Judge Duane Jorgensen of the Lafayette Circuit Court found that, rather than protecting the public from harm, the ban only protected commercial bakers from competition. The decision (pending appeal) means that New Jersey remains the only state that restricts its residents’ liberty in this way.
https://www.washingtonpost.com/news/volokh-conspiracy/wp/2017/06/05/short-circuit-a-roundup-of-recent-federal-court-decisions-58/?utm_term=.35f6f637719d
What is Otto going off about?
Nice to see that hypocrite Bill Maher take one for the team.
Only in NJ…the state where the fine for failing to seatbelt your cat could result in fines that are greater than the fine for failing to seatbelt your child.
baked – thank god for nanny jersey – what would we do without her?
By the way, where was the democratic outrage over the denial to allow wind farms off the Jersey coast?
Crickets?
Because of course, the things you say and believe re: society, economics, culture, capitalism etc. are indefensible.
I’m glad you’re finally seeing the error of your ways and discovering the frilly folly of the left.
If solar and wind made sense (and cents), why don’t the major energy utilities (who could afford the initial outlay) embracing it?
embrace. Sorry!
They are, did you not see the Block Island wind farm off RI go live?
Lots of places are embracing this. NJ, does not.
Epic boom period will really crank in the 2020’s. Stand by my call that we are still in the early stages.
“There’s an adage on Wall Street: When the last bear says buy, it’s time to sell. If that’s the case, stock market bulls may want to think about hibernating. Robert Shiller, the Nobel Prize-winning economist who coined the term “irrational exuberance” and warned about both the stock market bubble of 2000 and the housing bubble of 2008, said late last month that he thought stocks could go up perhaps as much as 50 percent from here. He also said technology stocks, which are up 20 percent this year, looked cheap. Shiller had said as recently as January that he thought stocks were again in a bubble. Now not so much, apparently. And he’s not the only bear shedding his fur.In early May, Jeremy Grantham wrote his own mea cupla on questioning the bull market. He said he long expected higher-than-normal profit margins would fall, taking the stock market with it. But Grantham said he now thought changes in the global economy could keep profits elevated. He wrote in a letter to clients that while-this-time-is-different logic was dangerous, assuming “that things are never different” could be ruinous as well. Grantham concluded that the chance of a serious market decline in the near future was pretty minor.”
https://www.bloomberg.com/gadfly/articles/2017-06-05/stock-bears-are-endangered-but-have-some-fight-left
Research says Natty Gas is the best power option for the foreseeable future.
Thorium
Grim, had to buy 3,000 recs recentky. If I buy national it’s about $1500 and my group meets sustainable goals for the year. If I have to buy local (100 mile radius). My cost is $38000 annual. I would not be surprised if the lobbies shot down that wind farm.
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